Opening the week after the public holiday to celebrate the Nigeria Independence Day on Monday, the local bourse rebounded, up 0.59 per cent, recovering some prior week losses to settle at 66,770.97 basis points.
Basically, renewed investors’ interest in BUA Cement Zenith Bank and Guaranty Trust Holding Company were the primary drivers of the overall market’s strong performance on Tuesday as the share prices of these bellwethers increased by 9.94 per cent, 0.16 per cent and 2.18 per cent, respectively.
Accordingly, the Year-to-Date (YtD) return of the All Share Index (ASI) settled at +30.3 per cent on Tuesday.
As a result of the positive week opening, equities investors at the Nigerian Exchange Limited (NGX) gained N212.81 billion in their overall investments as the market capitalization gained settled higher at N35.54 trillion.
Sectoral performance was however mixed as the Industrial Goods and Banking indices posted gains by 3.5 per cent and 0.3 per cent, respectively while the Insurance and Consumer Goods indices declined by 1.8 per cent and 0.4 per cent, respectively . The Oil & Gas index closed flat.
As measured by market breadth, market sentiment was however negative as 27 tickers lost relative to 24 gainers. On the performance chart, Linkage Assurance and CWG recorded the most significant losses of the day having lost 10.0 per cent and 9.9 per cent from their respective share prices, while BUA Cement and Beta Glass topped the gainers’ list after their respective share prices appreciated by 9.9 per cent.
Notwithstanding the bullish outing at the NGX, activities was tepid on Tuesday as analysis of market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 15.02 oer cent.
A total of 364.32 million shares valued at N3.85 billion were exchanged in 7,537 deals.
Consolidated Hallmark Insurance was the most traded stock by volume at 71.54 million units, while Guaranty Trust Holding Company led the value chart in deals worth N752.68 million.
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